The Republic of the Marshall Islands is rather small, and its primary reason for being so popular is because it was formerly used as a test site for nuclear weapons. However, their recent decision to become part of the cryptocurrency world is about to put them on the map for something entirely different.
With the Marshall Islands Govcoin, the cryptocurrency is not just an effort to get into the crypto world. Instead, once its established, individuals will be able to use it as the official legal tender. In fact, the local government had a vote that settled on this change within the last week, though there is still time for it to be objected against.
When the coin becomes available, the government plans to release an ICO and exchanges for the locals to get into the new currency. However, some of the ICO will contribute to healthcare for local islanders that are still dealing with the aftermath of being on the island during the weapons testing years ago.
This is not the first time that the idea of cryptocurrency replacing local funds. However, the effort to turn the local currency into a cashless effort has been primarily due to the way that Valenzuela has been developing their own Petro.
However, the value of the coins at that time has still yet to be determined. Unfortunately, if these coins are run by the government, the ability to trade between different platforms, like other cryptocurrencies, becomes unavailable. With a decentralized ledger, it may be impossible to achieve this dream.
The Marshall Islands Govcoin should be issued later in the year.